The unexpected resignation of Binance CEO Zhao is a positive development for Bitcoin, cryptocurrencies, and platforms in the space. BTC-USD prices recently reached over $37,000, levels not seen since May 2022. At over $38,100, Bitcoin could trade at January 2022 highs.
Last week, Binance’s CEO quit and pleaded guilty to violating money-laundering requirements. Binance was charged with money laundering and sanction violations. The company did not report or prevent suspicious activity from terrorist organizations.
Cryptocurrency prices are firming up in response to Binance’s developments. The firm will pay a $4.3 billion fine. As such, Zhao retains control of his company and keeps most of his wealth. The settlement removes another uncertainty that hurt the attractiveness of Binance’s cryptocurrency exchange business. By putting it behind, the company may turn its focus back to growth and profits. However, it must remain compliant with the law.
Richard Teng, who is the Head of Binance’s regional markets, will become the company’s next CEO. He will lead the company’s market share growth. As cryptocurrency transaction volumes increase, Binance is in a good position to increase its competitive lead.
Investors who do not hold Bitcoin on the exchange may wait for the Securities and Exchange Commission to permit exchange-traded funds tracking BTC. This will further increase the demand for Bitcoin and could push prices higher.
